In 2024, eligible Australian couples receiving the Age Pension can claim up to $372 per fortnight without reductions, allowing seniors to manage rising living costs while maintaining a modest income from other sources.
This payment is part of the government’s ongoing support for retirees, making financial planning easier for older Australians. Here’s everything you need to know, including eligibility criteria, how to apply, and important payment dates.
Understanding the $372 Fortnightly Payment
The $372 payment for couples is a component of Australia’s Age Pension, providing critical financial support to older Australians. Recently, the government increased the income threshold for pensioners, allowing couples to earn up to $372 per fortnight before their pension payments are reduced.
This update, effective as of August 2024, raised the previous threshold of $360, making it easier for pensioners to earn additional income without losing Age Pension benefits.
Key Details of the Fortnightly Payment
| Feature | Details |
|---|---|
| Payment Amount | $372 per fortnight for eligible couples |
| Eligibility Age | 67 years and above |
| Income Limit | Up to $372 per fortnight combined without reduction |
| Application Process | Through MyGov or Centrelink offices |
| Payment Dates | Typically on the first and third Monday or Tuesday of the month |
| Official Website | Services Australia |
The $372 limit ensures that pensioners can meet their basic needs without a significant loss of their Age Pension benefit. As living expenses continue to climb, this increase helps seniors manage rising costs more effectively.
Eligibility Requirements for the $372 Fortnightly Payment
To qualify for this payment, couples must meet the following eligibility criteria:
- Age Requirement: Both partners must be at least 67 years old to receive the Age Pension, which is required to access the $372 payment.
- Income Threshold: Couples can earn up to $372 per fortnight combined before their pension payment starts decreasing. Any income over $372 reduces the pension by 50 cents for every dollar earned beyond this limit. Assessable income includes:
- Employment income
- Investment returns
- Rental income
- Residency: Applicants must be Australian citizens or permanent residents and have lived in Australia for a minimum of 10 years to be eligible.
- Asset Test: An asset test applies alongside the income threshold. Asset limits vary based on homeownership status:
- Homeowners: Up to $935,000 in assets
- Non-homeowners: Higher asset limits apply
Careful monitoring of income and assets is essential to ensure no unintentional reduction in the Age Pension benefit.
How to Apply for the $372 Fortnightly Payment
Applying for the Age Pension and the associated $372 payment is straightforward. Here’s a step-by-step guide:
- Create a MyGov Account: The easiest way to apply is online through MyGov. Link your MyGov account to Centrelink, then start your Age Pension application.
- Gather Documentation: Be prepared with the following:
- Proof of age (birth certificate, passport)
- Tax file numbers
- Bank account details
- Information on all income and assets, including foreign residency proof if applicable
- Submit Your Application: Applications can be submitted up to 13 weeks before reaching the eligibility age of 67, giving Centrelink enough time to assess your case.
- Visit a Centrelink Office (Optional): For in-person assistance, you can submit your application directly at a Centrelink office.
Important Payment Dates for Age Pension Recipients
The Age Pension payments, including the $372 fortnightly amount for couples, follow a consistent schedule to ensure regular income for pensioners:
- First Payment: Around the first Monday or Tuesday of each month
- Second Payment: Around the third Monday or Tuesday of each month
If a payment date lands on a public holiday, payments are typically processed on the last business day before the holiday, helping recipients avoid delays and maintain financial stability.
Tips for Managing Income and Benefits as a Pensioner
With the increased income threshold, here are some ways couples can maximize their Age Pension benefits:
- Monitor Income and Assets: Regularly check that your income and assets stay within allowable limits to avoid reductions.
- Plan for Essential Expenses: Allocate funds to cover immediate needs like groceries, utilities, and healthcare, using any extra income for supplementary needs.
- Utilize MyGov: MyGov provides easy access to Centrelink services, allowing recipients to review income limits, payment dates, and more.
- Stay Informed of Changes: Keep an eye on updates from Services Australia or Centrelink, as thresholds and requirements may adjust periodically.
The $372 fortnightly payment offers Australian couples essential support as they navigate retirement and rising living costs. By understanding eligibility requirements and tracking finances carefully, pensioners can secure these benefits smoothly.
